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Owensboro Health CEO - Hospital is in ‘Great Financial Shape’

oboro health 300OWENSBORO, Ky. (4/29/14) — Almost a year after the opening of Owensboro Health’s new multi-million dollar facility, the medical provider is financially sound and has plans for continued expansion across the region, Owensboro Health CEO Phil Patterson said this morning.

Addressing a crowd made of up of local business owners and managers, hospital board members, and other invited guest, Patterson said the hospital agency is the largest employer in the region, and that the expansion efforts last year – including the construction of the new hospital complex in Owensboro – created millions of dollars in new revenue and salaries.

Included in that, he said, was an estimated $450 million in new output and almost $140 million in new salaries. $3.6 million of that came when clinics opened and staff was hired to operate them, he added.

Currently, Owensboro Health operates a total of 30 practices and clinics in 11 counties, including Daviess, Breckinridge, Muhlenberg, McLean, Hancock, Webster, Ohio, Henderson, Perry, Spencer, and Hopkins. Patterson told SurfKY News after the presentation that those partnerships are the key to reducing health concerns such as obesity and substance abuse, two of the three most serious health risk issues identified in a study of western Kentucky. Addressing the third, lack of access to health care, is where solving those challenges all starts.

Patterson said working with more clinics and physicians in rural areas to provide services that are difficult for those facilities and doctors to offer is a long-term goal.

“Open dialogues” that develop stronger relationships between the hospital and those facilities is the next step in the process, in order to “support those communities as best we can when their local facilities” can’t provide for a specific need is the first step in the overall process, along with continued education efforts in schools and with medical patients about the importance of healthy eating and exercise habits.

According to a copy of the financial report provided, the hospital ended Fiscal Year 2013 (which runs from June 1, 2012, to May 31, 2013), with a little more than 50 million dollars in its EBIDA (Earnings Before Interest, Depreciation, and Amortization), which was about $13.5 million less than FY2012.

Patterson said with FY2014 ending in just over 30 days, hospital administrators already know the EBIDA for FY2014 will be more in line with FY2012. He said starting with this year’s fiscal report, presentations such as the one made today will be made in the fall, probably in November, rather than in the spring.

Dennis Beard
SurfKY News

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